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2 Declaration of Cooperation

Declaration

of Cooperation

Meeting of 24 Ministers from

OPEC and non-OPEC oil producing countries

10 December 2016 – Vienna, Austria

A meeting was convened at the OPEC Secretariat on 10 December 2016

in Vienna, Austria, to take into account current oil market conditions and

short- to medium term prospects. The Ministers recognized the need

for joint cooperation of the oil exporting countries, to achieve a lasting

stability in the oil market in the interest of oil producers and consumers.

The Meeting was jointly chaired by

His Excellency Dr Mohammed

Bin Saleh Al-Sada, President of the OPEC Conference and Minister

of Energy and Industry of the State of Qatar and His Excellency

Alexander Novak, Minister of Energy of the Russian Federation.

The joint conference noted that OPEC Member Countries met on

30

November 2016

and decided to implement a production adjustment

of

1.2 million barrels a day

, effective from

1 January 2017

. It was re-

corded that OPEC Member Countries, in agreeing to this landmark de-

cision, which facilitated the implementation of the decision taken at the

170

th

(Extraordinary) Meeting of the OPEC Conference

in Algiers on

28 September 2016

, confirmed their commitment to a stable and bal-

anced oil market and underscored the importance of other oil producing

countries joining their efforts.